Income Tax (Earnings and Pensions) Act 2003 section 422

Application of this Chapter

Section 422 establishes when the rules in this Chapter apply, by defining the types of employment-related securities that fall within its scope.

• This Chapter applies to employment-related securities that are either restricted securities or a restricted interest in securities at the time they are acquired.
• The securities must be acquired in connection with an employment or directorship, covering current, prospective and former directors and employees.
• The restrictions on the securities must exist at the point of acquisition for the Chapter to apply.
• These rules only apply to securities acquired on or after 16 September 2003, as set out in the transitional provisions.